Paytm Partners with EbixCash’s Forex Division to Offer Money Exchange Services
12 July 2018 - 12:42AM
Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, healthcare and e-learning industries, today announced
that Paytm has partnered with Ebix’s Forex subsidiary
CentrumDirect, to offer money exchange services, to its vast user
base in India, spanning more than 200 million Paytm users. The
service is currently live on Paytm’s website and will soon be
launched on Paytm Android and iOS apps.
Paytm is India’s leading e-commerce payment
system and digital wallet company offering a boutique of services
such as bill payments, international flight ticketing, movie and
events ticketing, insurance, and loans.
Indian internet major One97 Communications
Limited, which owns Paytm, on Wednesday announced the launch of its
Forex service in partnership with CentrumDirect, for money exchange
of 20 top international currencies on its platform. As a part of
the service, multi-currency Forex card and Forex cash can be
ordered on a real-time basis, to be delivered at the user's
doorstep within 48 hours. This unique offering allows to lock-in
the current rates at the time of placing an order by making a
two-percent partial payment, with the flexibility to make the
remaining payment at the time of delivery.
The Forex card balance can be checked online and
in most ATMs abroad. It can be used at almost all merchant outlets
and ATMs across the world. Customers can load up to $250,000 in a
financial year into the Forex card and buy up to $3,000 as currency
notes. This new offering will also complement the requirements of
frequent travelers, who can now buy Forex instantly along with
their travel bookings. Forex can also be collected from any of the
nearest partner seller outlets across India.
T.C. Guruprasad, Managing Director for Ebix’s
Forex subsidiary CentrumDirect said, “We are delighted to partner
with a reputed player like Paytm. Currently, we serve over 1.5
million transactions annually and our alliance with Paytm will
further strengthen our client base. Paytm users will be able to
benefit from our competitive exchange rates, a wide range of
currencies and a dedicated post-sales service team.”
CentrumDirect, is an Omni-channel exchange that
offers a variety of Foreign exchange and outward money remittance
products targeting niche sectors like leisure travel, corporate
travel, overseas education related remittances, airport money
exchange including duty free shops, tour cost remittances of travel
agents, disbursement of crew wages to ships docked on Indian
shores, immigration related remittance, retail and wholesale
currency markets. The Company is one of the few named players in
India with the requisite AD-II and FMCG regulatory licenses to
conduct these businesses through a vast network encompassing 165
outlets spread across 55 cities, 200+ franchisee partners, 2,000+
travel agents, 50+ banks and financial institutions, 1000+ SMEs,
and 150+large corporate clients.
The Company’s Forex Exchange has an approximate
70% market share of India’s airport Foreign Exchange business
encompassing 25 international airports like Delhi, Mumbai,
Bangalore, Chennai and Kolkata International airports, while
conducting over 1 million transactions per annum. The CentrumDirect
Exchange also has a 15% market share in India’s fast growing $1.5
Billion education outward remittance business.
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix,
Inc., (NASDAQ:EBIX) endeavors to provide On-Demand software and
E-commerce services to the insurance, financial, healthcare and
e-learning industries. In the Insurance sector, the Company’s main
focus is to develop and deploy a wide variety of insurance and
reinsurance exchanges on an on-demand basis, while also, providing
Software-as-a-Service ("SaaS") enterprise solutions in the area of
CRM, front-end & back-end systems, outsourced administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 231,500
physical distribution outlets in many Southeast Asian Nations
(“ASEAN”) countries, to an Omni-channel online digital platform,
the Company’s EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, Forex, travel, pre-paid & gift cards, utility
payments, etc., in an emerging country like India. The Company’s
Forex Exchange has an approximate 70% market share of India’s
airport Foreign Exchange business encompassing 25 international
airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata
International airports, while conducting over 1 million
transactions per annum. EbixCash, through its travel portal
Via.com, is also one of Southeast Asia’s leading travel exchanges
with over 110,000 distribution outlets and 8,000 corporate clients
processing over 24.5 million transactions every year. For further
details, visit www.ebixcash.com
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. For more information,
visit the Company’s website at www.ebix.com
CONTACT:
Darren Joseph678 -281-2027 or IR@ebix.com
David Collins or Chris EddyCatalyst Global - 212-924-9800 or
ebix@catalyst-ir.com
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